Coinbase will add meme-based cryptocurrency dogecoin to its list of tradable assets, CEO Brian Armstrong said on the company’s Q1 earnings call Thursday.
“We plan to list DOGE in the next six to eight weeks,” Armstrong said in response to an analyst question. “And then more broadly, we’re going to be focused on how we can accelerate asset addition in the future.”
Software engineers Jackson Palmer and Billy Markus launched dogecoin in 2013 as a joke to mock cryptocurrencies’ speculative nature and engage a wider audience than bitcoin. Featuring a cheery looking Shiba Inu, a small Japanese hunting dog, the coin initially drew a small but loyal following, although its price languished at under a penny until earlier this year.
Over the past six weeks, retail investor interest plus DOGE-friendly tweets by billionaire Elon Musk have sent the coin’s price soaring as high as $0.71 on May 5, although it fell under $0.40 shortly after, amid a cryptocurrency pricing freefall.